Bulletin
Investor Alert

New York Markets Close in:

April 16, 2021, 2:46 a.m. EDT

Bank of Ireland to buy KBC Bank loans, liabilities

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Sabela Ojea

Bank of Ireland Group PLC said Friday that it has entered into a memorandum of understanding with KBC Bank Ireland to potentially acquire all of its performing loan assets and liabilities.

The transaction would result in Belgium-based KBC Group NV's withdrawal from the Irish market, as it is also looking to divest its non-performing mortgage loan portfolio. KBC Bank said it remains committed to providing retail banking and insurance services while discussions continue.

The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and regulatory approvals.

For 2020, KBC Bank Ireland booked a loss of 55.4 million euros ($66.3 million). It reported total loans and advances to customers of EUR9.95 billion and customer deposits of EUR5.0 billion as of Dec. 31.

KBC's potential withdrawal from Ireland follows NatWest Group PLC's similar decision in February to divest its Ulster Bank arm. KBC Group Chief Executive Johan Thijs said the decision was due to the "challenging operational context for European banks".

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.